Novartis to Acquire Avidity Biosciences for About $12 Billion
Swiss drugmaker Novartis has announced plans to acquire U.S. biotech firm Avidity Biosciences for approximately $12 billion, enhancing its portfolio in rare muscle disorder treatments.
– Acquisition Details: Avidity shareholders will receive $72 per share, a 46% premium over the last closing price.
– Strategic Goals: This move aims to address Novartis’ impending patent cliff on blockbuster drugs like Entresto and Xolair.
– Spin-off Plans: Avidity will create a new company, Spinco, focusing on early-stage precision cardiology programs.
– Innovative Treatments: Avidity is developing first-in-class drugs, including Del-zota for Duchenne muscular dystrophy and others for rare neuromuscular disorders.
– Market Positioning: The acquisition bolsters Novartis’ foothold in the U.S. amidst potential pharmaceutical tariffs.
This deal reinforces Novartis’ commitment to expanding treatment options in rare diseases, aligning with previous acquisitions in the sector.